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Percy has $50 in a savings account the interest rate is 10% per year is not compound how much will he have in one year
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Percy has $50 in a savings account the interest rate is 10% per year is not compound how much will he have in one year

User Rasalom
by
3.3k points

1 Answer

1 vote

Answer:

$55

Explanation:

Given data

Principal = $50

Rate= 10%

Time = 1 year

The simple interest formula is given as

A= P(1+rt)

substitute

A= 50(1+0.1*1)

A= 50(1.1)

A= $55

Hence the balance in her account will be $55

User Haohaolee
by
2.9k points
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